Kreos Capital Fund VI has held a final close at €700 million, having beaten the target set for the fund by a €100 million margin. Kreos supports growth deals involving private equity sponsors and invests between €2 million and €50 million per deal, with the average ticket just under €10 million. The firm’s two main target sectors are IT and healthcare, with deals diversified by stage and country.
The latest fund includes a capital commitment of $25 million from the University of Michigan.
Placement agent Azla Advisors helped raise the fund, which has a “low-teens” target IRR.
The fund, which took around six months to raise, is significantly larger than the predecessor Fund V, which closed on €400 million in January 2016.